An 8 Step Guide to Developing a Business Growth Plan

What is a Business Growth Plan?

A business growth plan is a comprehensive outline that details a company's anticipated development in the following one to two years. Organization leaders will typically create a business growth strategy to delineate the objectives they want to achieve. Generally, the plan is formatted on a quarter system. This allows management teams to review their goal progress at the end of every three months and identify improvements that need to be made to the overall business growth plan. It also ensures the plan is regularly updated according to current market and financial situations.

8 Steps to Build a Business Growth Plan

Small businesses and enterprises across all industries should create a business growth plan. This outline will help organizations navigate their development, as well as changes that are occurring in the market. As a result, entrepreneurs can effectively recoup their losses, minimize risks, and protect their bottom line. It also allows for an extensive focus on revenue generation and goal achievement. Companies that are looking to build a business growth plan can follow the 8 key steps.

1. Conduct Research

Before creating business growth strategies, organization leaders need to conduct thorough research. This entails studying target consumers, market positions, and competitors. If the organization has been in the market for a while, leaders need to assess historical growth as well. Insights from this research will highlight how a company can further expand in the future.

2. Look at Other Companies' Growth Plans

Executives should also review growth plans from other companies who are in the same or similar industry. Generally, some businesses will publish their growth plans for public viewing. These outlines can serve as successful models that the organization can build from.

3. Identify How the Company Can Grow

Companies have different opportunities in which they can grow. A brand, for instance, may have the potential to open new locations across the globe or partner with suppliers from different regions of a country. Another organization may have the ability to develop innovative products or services, or they can tap into a new consumer base. Organization leaders should assess which growth opportunities align with their business goals and incorporate them into the growth plan.

4. Build a Team

Businesses need employees and management teams to effectively meet growth goals. Companies should evaluate their existing staff members and identify how much growth they can accomplish. New businesses or those that need to improve their teams will have to recruit people at this stage. To ensure that new hires are a good fit, executives should determine what strengths and skills they need. The company growth plan should detail exactly the roles and responsibilities the team must perform to attain goals.

5. Accumulate Funding

In order for a business to grow, entrepreneurs need capital. The business growth plan should have information about how the company plans to expand funding. This could entail investments from stakeholders, loans, and profit generation.

6. Outline Marketing Campaigns

A thriving business is typically backed by effective marketing campaigns. The business growth plan should outline how organization leaders will advertise and promote their brand. For example, they can describe how they plan to use social media to build an online presence and reach new audiences.

The growth plan should also delineate how marketing efforts will change as the company continues to develop. For instance, the strategy may be to have one person man the brand's social media accounts in the initial year. Then, in the next two years, the company can aim to create a social media team.

7. Network

Networking is a great way to gather expert advice and mentorship from seasoned business owners. They can provide insightful tips on how to successfully grow a business and what to include in growth plans. Generally, people can connect with other business leaders through trade shows, social media channels, such as LinkedIn, and mutual friends.

8. Begin Writing

Once executives gather all the information they need to effectively grow, they can begin writing their plans. Growth plans can also include graphs and charts that reflect the market's current position, customer demands, and tech trends. Having supplemental material will help business owners when they review their growth plans in the future.

Key Takeaways to a Business Growth Plan

• A business growth plan outlines how a company will develop in the following one to two years.
  
• Creating growth plans in a quarter format makes it easier for business owners to assess their goal achievement and market position.
  
• Business owners that regularly evaluate their growth plans can effectively protect their bottom line and minimize future risks.
  
• There are 8 key steps that organization leaders can follow to create their business growth plans.